Data Driven Insight for Biometrics, Digital Identity & eIDs

Biometrics, Mobility, Digital Identity, ePassports, eIDs, Automated Border Control, eGates, Secure Documents...

Taming the Authentication Beast: Simplifying and Enhancing the Customer Journey with Biometrics in the Cloud

Posted: September 19th, 2017 | Author:

Financial service organizations that want to reap the benefits of the digital revolution to improve security, reduce friction, lower costs, and attract the most desirable customers, will adopt biometric authentication in the Cloud as the foundation for enhancing and securing the customer journey.

Biometrics are a global phenomenon that financial service players ignore at their peril. Acuity forecasts that by 2022, 5.6 billion biometric mobile devices will secure 1.37 trillion biometrically-enabled payment and non-payment transactions. On-device biometrics may improve the user authentication experience, but the big financial service payoff will come from Cloud-biometrics that also provide secure, reliable identity assurance.

Pushing biometrics to “the edge” of the financial service ecosystem, e.g. smartphones, simplifies authentication and reduces friction, but on-device biometrics can only link a user to a specific device,. Cloud-based, or server-side, biometrics simplify authentication and reduce friction while linking an individual to a Unique Verifiable Identity (UVI) that is device and platform independent, and provides a non-revocable user, not device-based, audit trail for each transaction.

 

Concerns about Cloud biometric data being vulnerable to theft and misuse have been sensationalized. Best practice approaches to deploy solutions purpose-built to secure biometrics, address data storage and management concerns. This includes anonymous storage, disaggregating biometrics from other Personally Identifiable Information (PII) – including templates from multiple biometric modalities – and installing anti-spoofing and presentation attack countermeasures.

Biometrics in the Cloud support continuous authentication via behavioral biometrics, and enable multifactor ’escalation,’ or step-up capabilities, that introduce biometric challenge and response protocols based on dynamic risk assessments. Cloud biometrics should therefore be viewed as more than just a means to enhance the customer journey, but as a path to creating an intelligent, identity-centric platform that addresses authentication risk across the entire financial service enterprise.

Acuity makes the case for Cloud biometrics in our latest whitepaper  Taming the Authentication Beast: Simplifying and Enhancing the Customer Journey with Biometrics in the Cloud.” Download the whitepaper at www.acuity-mi.com/CloudFS.php.


Filed under: Behavioral Biometrics, Biometrics, Disruption, Financial Services, Market Development, Market Insight, Mobile Biometrics, Mobility, Payments, Smart Devices, Smartphones | No Comments »

Mobile Biometric Market Forecast to Exceed $50.6 Billion in Annual Revenue in 2022

Posted: September 14th, 2017 | Author:

Acuity Market Intelligence released our updated forecasts for the mobile biometrics market. The potential for consumer use of mobile biometrics dwarfs any previous application of biometrics.

  • Annual revenue from biometrics embedded in mobile devices, biometric app downloads, and biometric transactions authentication are projected to grow from $6.5 billion in 2016 to $50.6 billion in 2022 reflecting a CAGR of nearly 41% with total forecast period revenues exceeding $193 billion.
  • More than 1.9 billion biometrically enabled mobile devices will be in circulation by the end of 2017. This will grow to an unprecedented 5.5 billion devices by 2022 as this massive, globally available platform remains the driving force behind worldwide biometric adoption.
  • By 2020, biometrics will be standard on 100% of the nearly 2.4 billion mobile devices sold each year.
  • By 2022, 98% of all mobile devices will be biometrically enabled generating 16.7 billion biometric app downloads and more than 1.37 trillion payment and non-payment mobile devices transactions that require some level of biometric authentication.

As the Equifax debacle and fallout goes viral on social media, and Apple once again redefines the biometrics landscape with the introduction of 3D FaceID on the iPhone, the casualties of inadequate digital security mount and drive demand for better identity solutions.

Mobile biometrics are just beginning to address the digital identity challenge. To date, biometrics have been widely adopted as a convenient PIN alternative for unlocking smartphones. By 2018, the introduction of hardened mobile biometric security and the emergence of Biometrics Identity Service Providers (BISPs) will shift market focus from on-device authentication to Cloud-based, server-side solutions that will begin to replace traditional digital identity schemes altogether.

For detailed forecasts and analysis of the mobile biometric market, preview and purchase “The Global Biometrics and Mobility Report” at www.acuity-mi.com/GBMR_Report.php


Filed under: Behavioral Biometrics, Biometrics, Disruption, Market Development, Market Forecast, Market Research, Mobile Biometrics, Mobility, Payments, Smart Devices, Smartphones | No Comments »